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At Health Shield we are committed to delivering quality and valuable services to our customers. Our aim is to ensure they receive prompt access to the treatment they need and remain in the best of health. To ensure we continue to meet these standards and comply with the FCA PROD 4 regulations, we conduct annual reviews of all our products.

We ensure the dates of these reviews are published here and readily available with key findings of approved reviews. When combined with other referenced materials, this information should be sufficient to help give a good understanding of the product’s value, target market, and target audience. We are committed to maintaining the quality and value of our products. Should this not be the case we will inform you promptly of the outcome and any decisions made during our reviews.

To help you understand this further, Health Shield’s product development process can be found here.

In order to complete these reviews, we use a range of metrics these including the following:

• Claims data (including Claims Ratio, Average Claims Pay out, Claims Frequency)
• Complaint volumes (including regulated complaints as a % of claims made and upheld)
• Lapse Rate
• Commission Ratio
• A review of all supporting Product Collateral (Membership Plan, Product Guide (where applicable) and Policy Document)
• Exceptions (outside of Target Market)
• Root cause analysis

All member claims are handled in-house.

The outcome of the value assessments for each product should be read in conjunction with the product Target Market Statements which can be found within our Broker Hub, for each product.

The Target Market Statements provide Target Audience, Eligibility and for whom it’s not suitable.

Within the Broker Hub, you’ll also find our wider policy literature, including Membership Plan, Product Guides (where applicable) and Policy Documents.

Further information

As part of our Annual Product Review Health Shield will reach out for you to complete our standard Distributor Checklist. This will include Product Information Target Market and will need to be completed to clarify the following:

• Total commissions and fees where relevant
• Any additional fees that you charge a customer/client and the effect on the value of the product
• Any ancillary products sold alongside the product which may affect the product’s value or duplicate cover provided with our product

You can find Target Market Statements and product collateral in our Broker Hub. Please contact your Health Shield Account Manager if you have any queries regarding the products.